About 8 years ago Bitcoin first appeared on the scene, initially it was developed as a peer-to-peer electronic payment system. It represents a certain amount of intrinsic value which is similar to traditional monetary exchange systems based on the Euro, British Pound and U.S Dollar, often referred to as ‘fiat currencies’. If you’re not familiar with Bitcoin and if I can use a way to describe it, it’s best to think of it as an alternative virtual currency that can be used as a payment method to purchase goods and services online. But it can now be used as a deposit method to play at online casinos like Raging Bull, BitStarz and Diamond Reels.
Who is using Bitcoin now? Bitcoin leads the pack when it comes to innovation, change and disruption; it galvanized the digital economy and appeals to the younger generation. The younger generation (Millennials) has grown up with technology, they know how to purchase virtual goods, play social games and voice their opinion on social media platforms like Twitter and Facebook. Unlike the older generation they’re able to embrace change very swiftly without any preconceptions.
The years after 2008 can be defined as ‘the age of disruption’ which gave rise to the ‘new internet’. The new version of the internet transcends boundaries since it removed data centers and the requirement for physical servers. The user’s own computer replaced them and many regard it as the ‘people-powered’ system. It has a slew of benefits which include data security, anonymity and it’s safe where only the user has access to their passwords.
The online gaming industry is not only extremely competitive but it’s often labelled as cut-throat. Online casinos have always looked for a product that transcends the current market place by seeking new growth opportunities in regulated and unregulated markets. Bitcoin changed the existing gambling landscape since it has the potential of roping in hundreds of millions of new customers often referred to as the ‘under banked’.
Another significant benefit Bitcoin offers online casinos is that deposits and withdrawals are instantaneous which allows players to be in control of their winnings. We are already witnessing significant financial investments by the likes of the New York Stock Exchange and BBVA, the second largest bank in Spain. Digital giants such as PayPal are already accepting Bitcoin, Dell is selling computers for Bitcoin, Virgin Galactic is selling space voyages for Bitcoin and Microsoft just entered the race. It’s clear as a daylight that more and more companies are beginning to adopt it as their payment solution of choice.
In terms of the online gaming ecosystem, leading casino game developer Microgaming released its hugely successful Quickfire library of games to the Bitcoin only operator bitstarz. This move on Microgaming’s part is opening up the distribution of its games to a growing Bitcoin player community. Furthermore, many casino, poker and sports betting sites have adopted Bitcoin. It goes without saying that our industry needs innovation not only to stay ahead of the curve but to strive as well.
In summary. It’s clear that the decentralized Internet and crypto currencies like Bitcoin is here to stay. I envisage that before 2016 is out more online and land-casinos will integrate Bitcoin as a deposit option into their payment systems.
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